1st Churn/Minimum Credit Score

Discussion in 'General Discussion | Credit Cards' started by Xtra_Gumby, Nov 4, 2012.  |  Print Topic

  1. Xtra_Gumby

    Xtra_Gumby New Member

    Messages:
    3
    Likes Received:
    4
    Status Points:
    15
    Hello, all.

    First, a little background: Credit scores were all in the 500s just a year ago......last month I was finally up to 737 TU, 663, EX, 660 EQ.

    I'm 33 years old, and have a credit history that dates back to before college, which is where most of my 'baddies' occured. I've gotten most lates removed, but a few older chargeoffs remain.

    My Utilization is under 10% currently, and I have a total available credit of around 30K.

    B/c I haven't been able to get approved for a credit card in FOREVER, I applied for a few 'just to see'........and I was approved for both the Chase SW 50K Bonus & The USAir 40K bonus.

    Of course, this excited me, and since I've spend the past month reading hours per day reading these forums, FT, and the host of other blogs out there.

    I'm eager to start my first official churn, but worry I'm not quite there yet as far as my credit is concerned.

    Advice on whether to start slow and apply for a few, or wait until my credit has gone up even more? And if not an actual churn, maybe a worthwhile card or two with good Sign-up bonus that I could start with and likely be approved for to keep building my credit in the meantime?
     
    MX and miles and smiles like this.
  2. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    Welcome to Milepoint!
    I'm rather amazed that you got approved with credit scores in the 660s. It also seems a bit surprising that your TU score is 70 points higher. Mine are within a few points of each other, so I'm not sure that's common.
    I'm no expert, but I would go very slow until you get them all in the 700s.
     
    wrxmom, mo26 and MX like this.
  3. Scottrick
    Original Member

    Scottrick Gold Member

    Messages:
    2,586
    Likes Received:
    4,078
    Status Points:
    2,570
    You're not there yet. You just got approved for two after having had pretty bad credit in the past. The worst mistake people can make is jumping into this headfirst. You did two. Wait six months and do three if you're credit is still good. The goal is not to straddle the line between good and marginal credit. If you are patient, you'll eventually have excellent (800+ credit) and be able to apply pretty much whenever you like.
     
    boondr and miles and smiles like this.
  4. Xtra_Gumby

    Xtra_Gumby New Member

    Messages:
    3
    Likes Received:
    4
    Status Points:
    15
    It seems Transunion has been much quicker to delete most of my 'bad' stuff from the past, so I'd assume that's the reason.

    ...it's also of note that both Chase (SW) and Barclays (USAir) BOTH pulled TU, which probably explains why I was approved for those cards.

    Thanks for the advice, which is pretty much what I thought. Hearing it confirmed from the 'experts' makes it easier to hold off on my temptations....so, mission accomplished I guess. :)

    Hopefully in 6 months I'll be where I want to be, and be able to join you guys in this exciting little 'game'...
     
    miles and smiles likes this.
  5. deant
    Original Member

    deant Milepoint Guide

    Messages:
    3,129
    Likes Received:
    12,385
    Status Points:
    10,620
    Agree complete with miles and smiles. I would go very slow. Do not apply for more than 1 or 2 cards in 6 months until you have your scores well into the 700s. If you try and go too fast, the banks will think you will go back to your old habits. You will then have a hard pull PLUS nothing to show for it.

    Key to getting your score up is to keep making payments on time - and never carry a balance.
     
    miles and smiles likes this.
  6. miles and smiles
    Original Member

    miles and smiles Gold Member

    Messages:
    17,531
    Likes Received:
    61,942
    Status Points:
    20,020
    Having good credit is worth far, far more than having some extra miles and points in your account. Show the banks you can handle those two cards while NOT carrying a balance, and more and more doors will open to you.
     
    wrxmom likes this.
  7. Dad to GO

    Dad to GO Silver Member

    Messages:
    230
    Likes Received:
    219
    Status Points:
    400
    I agree with what the others have said. At the end of the day having good GREAT credit will be much more beneficial to you. It will not only allow you to get approved for more cards but also better rates on auto loans and mortgages... You're young and have a lifetime of credit card churning and travel ahead of you!
     
    miles and smiles likes this.

Share This Page